How to avoid community lenders’ most common tech mistakes
Let's look at the mistakes community lenders often make in the development of their tech stacks, and how they can be avoided.
As the demand for digital banking experiences continues to rise, community lenders need to focus on making these experiences as streamlined and secure as possible. Exceptional customer service has always been a significant competitive differentiator for local banks, which is why many have digitized their products and experiences in recent years. Beyond the need to meet customers where they are, the creation of a robust digital infrastructure will automate processes, eliminate inefficiencies and increase productivity.
The digital transformation isn’t a one-time initiative — it’s an ongoing process that requires community lenders to comply with ever-shifting regulations, keep software updated to ensure data security and privacy, and educate customers and team members. This will help them deploy powerful tools like cloud-based home equity technology that will dramatically increase performance, reduce costs and improve the borrower experience.
There are several mistakes community lenders often make in the development of their tech stacks: Ignoring cybersecurity and compliance issues, not putting enough emphasis on training team members, attempting to do too much in-house, and failing to keep the customer experience front and center. Also, community lenders need to be mindful of who they’re targeting. There’s a shift to the younger generation, so we need to prepare them through UI/UX, foster their growth and lean into digitization to meet their needs. Let’s take a closer look at these mistakes, as well as the ways they can be avoided and how lenders can maximize the usefulness of their technology.
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